The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, extended losses to a 15-month low on Wednesday, dragged down by losses across all vessel segments.
The index fell 50 points to 1,106 points, its lowest level since Sept. 2023.
The Capesize index dropped 126 points to 1,377 points, also hitting its lowest level since Sept. 2023.
Average daily earnings for Capesize vessels decreased by $1,043 to $11,421.
Dalian iron ore futures lost ground on Wednesday, retreating from a two-month high in the previous session as prospects of weaker seasonal steel demand outweighed bets on further stimulus from top consumer China.
The Panamax index fell 24 points to 1,053 points.
Average daily earnings for Panamax vessels fell $213 to $9,478.
Among smaller vessels, the supramax index was down five points at 962 points, its lowest level since August 2023.
(Reporting by Anmol Choubey in Bengaluru; Editing by Tasim Zahid)